Accountancy MCQ – Class 12 – Chapter 8 – Dissolution of a Firm – Part 1

1. At the time of dissolution of firm, “Loan of partners” (Loans given by partners to the firm) is paid out of the amount realised on sale of assets :

2. On dissolution, the final balance of capital accounts are transferred to :

3. Unrecorded liability, when paid on dissolution of a firm is debited to :

4. On dissolution of the firm, amount received from sale of unrecorded asset is credited to :

5. In the event of dissolution of a partnership firm, the provision for doubtful debts is transferred to :

6. On taking responsibility of payment of a liability of ₹50,000 by a partner, the account credited will be :

7. In which condition a partnership firm is deemed to be dissolved?

8. At time of dissolution of partnership firm, the balance of profit and loss account shown in the assets side of Balance sheet of the firm is transferred to:

9. Realisation A/c is a :

10. On dissolution of firm, loss calculate in realisation account is debited/credited to which account?

11. Which of the following is not transferred to Realisation Account:

12. On taking responsibility of payment of realisation expenses by a partner, the account credited will be :

13. Profit or loss of realisation account is transferred to :

14. Change in the existing agreement between the partners is called

15. A partnership firm is compulsorily dissolved :

16. On dissolution of a partnership firm, profit or loss on realisation is distributed among the partners

17. On dissolution, goodwill account is transferred to):

18. On firm’s dissolution, which one of the following account should be prepared at the last?

19. At the time of firm’s dissolution, Balance of General Reserve shown in the Balance Sheet is credited to :

20. In the event of dissolution of firm, the partner’s personal assets are first used for payment of the :

21. On dissolution of a firm, out of the proceeds received from the sale of assets will be paid first of all

22. Court can make an order to dissolve the firm when :

23. On dissolution, if a partner undertakes to make payment of a liability of the firm is debited)

24. On dissolution of a firm, realisation account is debited with

25. On dissolution of a firm, a partner paid ₹700 for firm’s realisation expenses. Which account will be debited?

26. On dissolution, the balance of ‘Profit & Loss Account’ appearing on the assets side of a Balance Sheet is transferred to :

27. At the time of dissolution of partnership firm, fictitious assets are transferred to :

28. At the time of dissolution of partnership firm, the amount of ‘Bills Payable’ shown in the liability side of Balance Sheet is transferred to :

29. Which of the following is transferred to Realisation Account:

30. At the time of dissolution of firm, at which stage the balance of partner’s capital accounts is paid?

31. Cash balance shown in the Balance Sheet is shown on dissolution of firm in :